(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a trust fund to be known as the Social Security Contribution Fund.
(b) This fund shall consist of trust fund income provided by law.
(c) It shall be used for the purpose of complying with the old age, survivors, disability, and hospital insurance provisions of the federal Social Security Act and for such other purposes as may be authorized by law.
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